Online buy-sell platform Tred plans to launch in Florida next quarter, on the heels of its February expansion into four Texas cities, said Chief Executive Grant Feek.
Though Feek declined to disclose which Florida cities the company is targeting, he noted that Tred typically chooses densely populated areas, like Miami, for example.
The company, which facilitates peer-to-peer vehicle sales and financing, also turns to its lender partners — Ally Financial, BECU, and First Tech Federal Credit Union — for growth guidance.
“Our lenders are one of the primary cohorts when determining states to expand the business,” Feek said. So far, Tred operates in nine markets — Seattle and Portland, Ore.; Los Angeles, San Diego, and San Francisco; and Dallas, Houston, San Antonio, and Austin, Texas — and additional expansion will take time.
“We require dealer licenses in every state we operate in,” Feek said. “The way we operate, we’re never going to flip a switch and launch the business nationally.”
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